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25 year amortization: savings or trap?

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There is a lot of discussion in Canada about the amount of consumer debt; and, if mortgage amortizations need to be reduced to 25 years compared to the 30 year amortization that is now also offered.

First:  a lower rate and a lower amortization saves you money.  No ifs, ands, or buts!

The remaining question is this:

If you are taking the 25 year amortization because you can afford the payments today, and it will save you money: how high does the rates have to increase before you feel trapped by the decision to take a 25 year amortization?

Each answe

Making a Profit with Grow Op property

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I want to thank Russ Mendonca from Calvert Home Mortgage, a private mortgage company out of Calgary.   Calvert Home Mortgage serves Alberta for providing financing opportunities that help consumers and those seeking a business opportunity.  They specialize in short term financing to acheive a goal of a near future sale or refinance with a more conventional mortgage provider.

Each Grow Op is a unique opportunity and will take some planning.

Real Mean Rent Hog Ride- response to Garth Turner Feb 8 blog

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The real short story to the video is Garth Turner compares the cash that could be put into buying a house to some investment that will provide liquidity, security, and an 8% annual return.  

Since Garth did not give a specifica recommendation, nor a general asset class to consider, I had to look at his February 8 blog to make a guess of what he would recommend.

There seemed to be some subliminal messaging with his "Harley-riding outlaw's grizzled comprehension" that he was recommending Harley as an investment.

Harley's hard asset and security reality is sca

Mortgage rule changes: an opportunity for home owners and renovators

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Are you one of the many homeowners who did not take advantage of the Federal government home renovation tax credit that expired Feb 1, 2010?

This stimulus program allowed certain home improvements valued from $1,000 to $10,000 to have a tax credit.  For the renovation industry, there was a surge of business during this period.   It also caused an artificial boost of activity, which lead to lower business volume following the expiry of the tax credit.

The recent default insurance rule change, taking effect March 18, 2011, regarding the maximum equity

Phil McDowell is also a licenced Mortgage Broker in BC

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www.fic.gov.bc.ca/FICOMListings/MBSBListing.aspx

The above link goes to the BC directory of licenced mortgage brokers registered with the Financial Institutions Commission in British Columbia.

I have a number of inquries from people who live in Alberta who wanted financing of recreational and investment property in BC.  Others have planned to relocate to BC.

Doing business with an individual who is licenced in both provinces provides the additional comfort of knowing that regardless of how a r

Potential Sub-Prime Disaster ends up a happy life line!

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A number of Sub-Prime mortgages lenders entered the Canadian market 5-6 years ago, and have since closed funding operations.  Of course, no borrower is so lucky that their mortgage disappears when the lender decides to stop doing mortgage business. 

The mortgage porfolio may be sold to another lender, a trustee may be administering the portfolio, the lender's parent company may be administering the porfolio from their home office location.  But, payments continue to come due.

And, there is a good chance that when the mortgage is up for maturity- the lende

Rent to Own- the document could kill future qualification for financing!

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Are you a potential Rent to Own buyer who genuinely wants to own your own home?  Ask Phil 403-630-7952

Are you a seller who genuinely wants your Rent to Own buyer to complete the purchase?  Ask Phil 403-630-7952

Another video identified that Rent to Own does have its "Sharks" who feed off those who dream of home ownership.  The "Sharks" want to keep the home title, now and in the future.  They want market rent for their property.  They want to keep the additional money their "tenants" pay them during the rent&n

Lay off concerns making you nervous about buying- there is a "cure" for that!

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As of May 2010, Calgary's unemployment rate reached 7.50%, a statistic not seen for years.

While other industries and services are similarily challenged during a recession, the Oil and Gas industry can be unsettling when the economy is looking up.

During a recession, small oil and gas exploration, production and service companies' ownership and management team have to work hard for contracts, trim costs, look for effeciencies, and worry.

When there is an up-tick in the economy, the heavy cash-laden "big boys" of the industry are looking for acquisitions.  What d

Lay off concerns making you nervous about buying- there is a "cure" for that!

See video

As of May 2010, Calgary's unemployment rate reached 7.50%, a statistic not seen for years.

While other industries and services are similarily challenged during a recession, the Oil and Gas industry can be unsettling when the economy is looking up.

During a recession, small oil and gas exploration, production and service companies' ownership and management team have to work hard for contracts, trim costs, look for effeciencies, and worry.

When there is an up-tick in the economy, the heavy cash-laden "big boys" of the industry are looking for acquisitions.  What d

We Buy Houses scam

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We have seen the ads in the internet, paper, and posters in public places, "We Buy Houses".

Not long ago, a couple listed their home with a real estate company.  The real estate market had a number of listings of homes in the same neighbourhood, and generally, all the homes were well kept, and the listed homes were all competitively priced. 

The couple had made an offer on another home and were anxious to get a sale on their existing home.  They saw various postings for "We Buy Houses" from a variety of advertisers.  They called one, and were to

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